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GBP/USD Signal Update - 8 November 2011

By: Fadi Steitie

Currency: GBP/USD
Trend Expected Direction: Down
Strategy: Elliott Waves and Fibonacci Trading
Description: Complex wave B ending with inverted hammer candle stick which indicate a strong resistance is in force. I expect this as a final fight between Bulls and Bears and would see bears fall down once trend breaks support line (Black dotted).
Action: (Hold) Short
Target Area: 1.58150
Stop Loss: 1.52200
Risk: 100% if wave B ends in c expanded flat correction.

GBP/USD

Fadi Steitie
About Fadi Steitie

Fadi Steitie is an entrepreneur, investor and professional Forex trader who shares Forex signals with DailyForex.com based on his keen understanding of the market. His favorite pair is EUR/ USD because almost 40% of traders trade this pair and it does match most of his pattern recognition strategies. He is an expert in Elliot Wave principles as well as Ichimoku Kinko Hyu which he is currently researching. So far he has not seen many English translated books about this method of technical analysis, however he is continuing to read about it and believe this method has as much to give to traders like the Elliot Waves method does. Fadi is looking for the magic behind this principle even though many do not research this trading system.

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